NHL Rumors: Penguins nearly traded for Erik Karlsson at deadline

The Pittsburgh Penguins nearly traded for San Jose Sharks defenseman and Norris Trophy winner Erik Karlsson at the trade deadline in March and on July 1st. Could the third time be the charm?

The Pittsburgh Penguins have one goal each year, win the Stanley Cup. They’ve done it three times in the past fifteen years. But last season, Pittsburgh missed the playoffs for the first time in the Sidney Crosby era. The 16-year run was the longest in professional sports. But all good things must come to an end, right?

The easy thing to do would be for Pittsburgh to get younger, but they won’t. Model sports organizations don’t do rebuilds. Just ask the New York Yankees. They haven’t finished with a losing record in nearly three decades.

Pittsburgh appointed Kyle Dubas as President of Hockey operations for a reason. They kept head coach Mike Sullivan around. They acquired Reilly Smith from the Stanley Cup Champion Vegas Golden Knights. They signed veteran defenseman Ryan Graves in free agency. The message is clear; they’re not done going for it.

NHL Rumors: Penguins not giving up in Erik Karlsson sweepstakes

Per Josh Yohe of The Athletic (subscription required) the Penguins were close to acquiring Erik Karlsson on July 1st. Yohe said that a trade was almost completed that morning, but it may have fallen through due to salary cap reasons. Sportsnet’s Elliott Friedman elaborated on the matter on The 32 Thoughts podcast.

He said that one hold-up to the potential deal was that teams want the Sharks to retain more of Karlsson’s $11.5 million cap hit over the next four seasons. He added that at the trade deadline in March, the Sharks said they’d only retain 18-20% of Karlsson’s cap hit to make the deal.

Friedman believes the Sharks will need to keep closer to 30% to satisfy suitors, which would turn Karlsson into an $8 million player for the acquiring team, and should net the Sharks a better return. It makes sense in the Penguins’ case, for they only have $2.3 million in cap space.

Still, adding  Karlsson would greatly increase their chances of winning the Cup. He had an exceptional season last year in San Jose with 101 points en route to his third Norris Trophy.

After missing the playoffs last season, the Penguins need a spark. Karlsson’s impressive abilities on the power play could generate excitement and change the atmosphere. The Penguins have historically had an impressive roster of talent, from Mario Lemieux and Jaromir Jagr to Crosby and Evgeni Malkin. Karlsson fits that mold.

It’s how Pittsburgh has thrived for years. It’s how they went back to back in ’91 and ’92. It’s how they went to the final in 2008 and won it all in 2009. It’s how they went back to back in 2016 and 2017. They used many two-way stars to reach the top of the mountain. It doesn’t matter that Karlsson is 33. Crosby is 35. Evgeni Malkin and Kris Letang are 36. Karlsson just won the Norris Trophy at 33. The future Hall of Fame players have shown age is just a number.

Still not convinced? Enter Ryan Graves, 28, who adds youth to the blue line. Offensively, there’s Reilly Smith, Jake Guentzel, and Rickard Rakell for Karlsson to feed up the ice. He should be considered for Pittsburgh’s last dance. Yohe reported Karlsson would waive his no-trade clause for the Steel City; he knows it too. The opportunity of one last hurrah is there for this legendary core. It’s up to Dubas to get the job done.